Philippine Taxation

Tax Alert No. 39 (2 October 2015)

Amending RR No. 7-2010 on the implementation of RA No. 9994

Tax Alert No. 38 (1 October 2015)

Extending the deadline for submission of inventory lists and other requirements under RMC No. 57-2015

Tax Alert No. 37 (24 September 2015)

Use of non-thermal paper for all cash CRMs/POS machines and other invoice/receipt-generating machine/software

Tax Alert No. 36 (22 September 2015)

Availability of eBIRForms package Version 5.1

Tax Alert No. 35 (22 September 2015)

Submission of Inventory list and other reporting requirements

Amendments to the IFRS for SMEs - Client Advisory Letter August 2015 issue (CAL August 2015)

In July 2009, the International Accounting Standards Board (IASB) issued the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) in response to strong international support from the world’s national accounting standardsetters for the IASB to develop global standards for SMEs.

The future of lease accounting (CAL July 2015)

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (‘the Boards’) have proposed to require all leases to be reported on balance sheet. The impact on lessee financial reporting, asset financing, IT, systems and controls could be substantial.

Liberating the professions: A look at the negative list (Taxwise, 9 July 2015)

The 10th Regular Foreign Investment Negative List (FINL) recently signed by President Benigno S. C. Aquino III prescribes areas of economic activity reserved exclusively to Filipinos and those in which foreigners may participate. The list is comparably shorter to its predecessor, with the bulk of the changes occurring in the section pertaining to the practice of professions. While the Ninth FINL restricted foreigners from engaging in any of the 26 listed professions within the Philippines, the current list cites only five professions reserved for Filipino professionals, namely: Pharmacy, Radiologic and X-ray technology, Criminology, Forestry, and Law. All other professions are now conditionally opened to foreign individuals.

New rules: accounting for ‘bearer’ plants (CAL June 2015)

Prior to 2014, IAS 41, Agriculture, required all ‘bearer’ biological assets and the produce growing on the bearer plant (or ‘consumable’) related to agricultural activity to be measured generally at fair value less cost to sell. This is based on the principle that the biological transformation of biological assets is best reflected by fair value measurement. IAS 41 further defines biological transformation as “the processes of growth, degeneration, production, and procreation that cause qualitative or quantitative changes in a biological asset”.

Tax Alert No. 34 (1 July 2015)

Mandatory one-time submission of inventory list of all machines generating sales invoice/receipts